DYL has delayed FID of Tumas to early 2025 due to delay in costings, but has also stated it would only undertake FID in a more buoyant uranium price market. It has currently paused contract negotiations in light of what it sees at a suboptimal market, which could further delay the FID. We note the FID and associated funding for Tumas remains the key near-term catalysts. DYL has a seasoned management team who has experience in developing uranium mines in Namibia. We believe the proposed timing of Tumas development and ramp-up coincides with tightness in the uranium market, driving economic upside from our near-term bullish price outlook.
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